Posted on 30 October 2009 by Laxman | Email|Print
From Forbes: Germany wants to establish itself as a market for financial products that conform with Islamic law, the head of German financial regulator said on Thursday.
‘We are seeing great interest from investors in Islamic countries, who want to invest their money in Germany according to sharia principles,’ Bafin president Jochen Sanio said at a conference on Islamic finance in Frankfurt……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Arabianbusiness.com: Governments in Muslim nations in the Middle East and Asia are increasingly turning to Islamic finance to raise funds, giving a necessary but perhaps not sufficient shot in the arm for the $1 trillion industry.
Deeper liquidity is essential to winning investors back to the Islamic finance market after the credit crisis sapped demand and issuance and triggered the first ever major defaults of Islamic bonds, or sukuk, this year……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Reuters: The Gulf Arab region needs a proven secondary fixed income trading market and strong local bids before issuers warm to longer term maturities, a senior executive at Abu Dhabi-owned investment fund Mubadala says.
The region, cushioned by its oil wealth, had traditionally been averse to tapping international markets for debt. But that has changed in the past decade with Dubai taking a lead by using debt to finance its rise to a regional hub……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Ameinfo.com: Dubai’s five-year Islamic bonds book closed yesterday with the dollar tranche attracting $4.9bn and the dirhams tranche receiving Dhs5.4bn, Reuters has reported, citing a banker involved in the deal.
The government of Dubai launched a $6.5bn bond plan last week, consisting of $4bn euro medium term notes and a $2.5bn Islamic bond programme……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Myiris.com: Taurus Mutual Fund has announced that Taqwaa Advisory and Shariah Investment Solutions (P) (TASIS) is now not assisting Taurus Asset Management Company on shariah compliance.
All references to TASIS, Mufti Barkutallah Abdul Kadir and Shariah board of Taurus Ethical Fund stand annulled, with effect from Oct. 29, 2009……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Gulfbase.com: Gulf states have a historic opportunity at the moment to approve their unified currency and play a bigger role in the world monetary system, according to a senior French financial official.
Jean-Pierre Jouyet, Head of the Financial Regulatory Authority (AMF) and former minister of state for European affairs, said the unified currency is a political rather than a financial decision in the first place……………………..Full Article: Source
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From Zawya.com: Kuwait’s Ambassador to Bahrain Sheikh Azzam Mubarak Al-Sabah praised on Wednesday distinguished performance of the leading Kuwaiti Islamic bank, Kuwaiti Finance House, in the Kingdom.
The KFH (Baitak) is one of the top Kuwaiti financial institutions that have succeeded in erecting bridges of economic and investment cooperation with Bahrain, said the ambassador, on the occasion of inaugurating the second KFH Baitak Automall for cars, with attendance of the Board Chairman, Bader Al-Mukhaizeem……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Barwa Bank, a major new financial services provider in Qatar yesterday announced the soft launch of its operations in Doha.
Established in Doha with an authorised capital of QR1bn, Barwa Bank is licensed and regulated by the Qatar Central Bank (QCB) and is a fully owned subsidiary of Barwa Real Estate Company……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Maktoob.com: Abu Dhabi Islamic Bank Thursday reported a third-quarter net profit increase of 11% to 239.5 million U.A.E. dirhams ($65.3 million) from AED216.5 million in the corresponding period a year ago.
Net Profit for the first nine months reached AED701.3 million, down 4.8% compared with the same period in 2008, mainly due to lower investment income and AED121.5 million worth of credit loss provisions in the third quarter, the bank said in an emailed statement……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Bt.com.bn: Islamic banking industry in Pakistan remained least affected by the global financial crisis. It experienced some problems only after this crisis had snowballed into recession in advanced economies affecting growth prospects of Pakistan and other developing countries.
More importantly the industry has almost overcome these problems and now most of its indicators are showing a “reversion towards the usual high growth trend,” according to the latest State Bank report……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Arab Banking Corporation (ABC) yesterday posted a consolidated group net profit of $80 million for nine months to September 30.
Net profit for the third quarter was $26m, 18 per cent higher than the second quarter net profit of $22m……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Kuwaittimes.net: National Bank of Kuwait (NBK) has signed yesterday a loan agreement with Kuwait Projects Company (KIPCO) whereby the latter gets a KD 80 million ($279 million) for a period of five years to finance company projects.
On the occasion of the signing, KIPCO Vice Chairman, Faisal Al-Ayyar said: “The new loan facility reflects KIPCO’s standing within the financial……………………..Full Article: Source
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From Bt.com.bn: Islamic banking appears headed from strength to strength in the Brunei Sultanate. Javed Ahmad, acting managing director of Bank Islam Brunei Darussalam, tells how it happened and why the industry needs to innovate to sustain growth.
A very good example is Saudi Arabia. Saudi Arabia traditionally was very much a conventional banking market. There were some Islamic banks like Al-Rajhi Bank, they have a monopoly very much like what you heard about Bank Islam in Malaysia……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Gulf-times.com: Shariah-compliant Qatar First Investment Bank, or QFIB, said it has acquired a stake in Al Jazeerah Islamic Co, or AJIC, from Kuwait-based Global Investment House.
QFIB purchased the AJIC stake saying it’s “a healthy and fast growing financial services company that is licensed by Qatar Central Bank”……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Bloomberg: Dubai International Capital LLC, a private equity investor controlled by the emirate’s ruler, may raise a $550 million loan to repay existing debt, two bankers familiar with the transaction said.
The two-year loan may pay 400 basis points above the London interbank offered rate, said the bankers who didn’t want to be identified before the deal is complete……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Albawaba.com: Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank today announced that receipts from it’s rights issue have now passed the US$200 million mark.
The news comes just days after the bank confirmed it had received approximately US$150 million from the capital raising exercise and means GFH have now met their stated target of between US$200 and US$300 million in fresh capital from the rights issue, two days before its close on Thursday 29th October……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Business-standard.com: The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (Sebi).
The MoU was signed by Sebi Chairman CB Bhave and on behalf of the DFSA by Chief Executive Paul Koster a Dubai International Financial Centre (DIFC) seminar called ‘India-UAE Partnership: Investments, Opportunities and Synergies’……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Tradearabia.com: The Bahrain Financial Exchange (BFX) a multi-asset international exchange, has become a member of the International Islamic Financial Market (IIFM), an international institution focused on the development of the global Islamic capital and money markets.
IIFM’s primary focus lies in the advancement and standardisation of Islamic financial services industry’s documentation, wider market products, processes and the issuance of guidelines and recommendations for the enhancement and unification of the Islamic capital and money market globally……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Ittefaq.com: Global Finance, a US-based financial magazine, awarded Islami Bank Bangladesh Limited as the Best Islamic Financial Institution in Bangladesh for 2009.
Joseph D. Giarraputo, President and Publisher of Global Finance handed over the prize to Yousif Abdullah Al-Rajhi, Vice Chairman, Board of Directors of the Bank in a function held at Istanbul of Turkey……………………..Full Article: Source
Posted on 30 October 2009 by Laxman | Email|Print
From Gulf-times.com: Doha will host the fourth annual World Islamic Infrastructure Finance Conference (WIIFC) on November 3 at the Ritz Carlton.
The WIIFC, which comes against the backdrop of a worsening global economic climate, has set the stage for senior executives from major infrastructure sectors to engage leading bankers, investors and financiers in discussions to strengthen the role that Islamic project finance can play in meeting massive investment needs, which are seen as key to revitalising growth, said the organisers……………………..Full Article: Source
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